RapNet


Rapaport News

 

Polished Markets

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

South Korea Reduces Diamond Tax

Government replaces 26% duty with two lower rates.
Feb 6, 2019 8:00 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
 The government of South Korea has abolished a 26% individual consumption tax (ICT) on the import of polished diamonds, following talks with its bourse.

In December, the government agreed to simplify the tax system for diamond importers by replacing it with a 5% import tax and a 10% value-added tax (VAT), the World Federation of Diamond Bourses (WFDB) said Tuesday. That came after a five-year discussion with the Korea Diamond Exchange (KDE), the WFDB added.

“We hope that the abolition of the ICT and simplified taxes will have a very positive effect on diamond-jewelry sales in South Korea,” bourse chairman Nam Chang-Soo said Tuesday. “I believe that we will see a big increase in sales of polished diamonds and of diamond jewelry.”

The amended tax structure will likely also lead to increased tax revenue, as more diamonds will enter the country via official chanels rather than through illegal routes, he explained. 

Annual sales of polished diamonds in South Korea amount to approximately $2.5 billion, while sales of diamond jewelry come to about $5 billion, Chang-Soo added.

Image: Polished diamonds. (De Beers)
Tags: Diamond Tax, Korea Diamond Exchange, Nam Chang-Soo, Rapaport News
Similar Articles
GZDE 150China Bourse to Promote Lab-Grown Diamonds
Apr 23, 2019
The Guangzhou Diamond Exchange (GZDE) has signed a strategiccooperation agreement...
Manufacturing Slump Hits Sarine Earnings
HRD Head to Lead IDC Board
GIA Names New Director of Relations
Rapaport LogoRapaport Weekly Market Comment
Apr 18, 2019
Sentiment mixed, with slow trading before Easter andPassover. Selective...
Webinar: The Way Forward in a Slow Market
Sotheby’s Garners $21.5M at New York Auctions
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us